While the boardroom at World Wrestling Entertainment, Inc. (NYSE:WWE) is undergoing a seismic shift, with its founder Vince McMahon recently returning, and his daughter, Stephanie McMahon stepping down as co-CEO, the business itself is in a great place as the company explores a potential sale.
What Happened: The live gate for this year's "Royal Rumble" event was $7.7 million, according to information issued by WWE on Monday.
This breaks the previous record of $4.9 million in 2017 by 57%.
The show attracted more viewers on Peacock (NASDAQ:CMCSA) than ever before, breaking the previous record by 52%. Sales of merchandise increased by 135% from the previous high in 2022. Sponsorship increased by about 200% from last year.
The company said online interactions with its videos were at all-time highs for the year, with a Roman Reigns, and Sami Zayn video generating more than 20 million views across all WWE platforms.
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Why It Matters: Benzinga previously reported that McMahon, who is the majority owner of WWE, recently returned to the company to explore a potential sale after stepping down as chief executive last year amid sexual misconduct accusations. His daughter then took over as chairman and co-CEO alongside Nick Khan, who previously served as the company's president.
Upon his return, McMahon said the company was exploring all strategic alternatives to maximize shareholder value.
WWE retained The Raine Group, LLC as its financial advisor, Kirkland & Ellis LLP as its legal advisor, and August LLC as its strategic communications advisor to support its review of strategic options.
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